GBPUSD lower as predicted to 1.2740

EURUSD & USDCAD Spot

EURUSD lower as expected but I thought support at 1.1460/50 was the best chance of a low for the day. While we paused here for 7 hours or so there was no bounce. Then in the evening we broke lower again to 1.1383. This is 10 pips above the 200 week moving average but the outlook is negative so below 1.1360 signals further losses to 1.1310/00, 1.1280/70 & 1.1225/15.
Outlook negative so try shorts at 1.1460/70 with stops above 1.1520. An unexpected break higher targets 1.1565 before a selling opportunity at 1.1605/15, with stops above 1.1650.

USDCAD eventually beat 1.3120/30 in the evening after we were offered 80 pips on any shorts from here. Holding above 1.3120 targets 1.3175/85 & the main challenge for bulls today. Try shorts with stops above 1.3200 (small risk) but be ready to buy a break in to longs using 1.3185/75 if stopped, targeting 1.3220/25 & 1.3255/65 for profit taking.

 

GBPUSD & GBPJPYspot

GBPUSD lower as predicted to 1.2740. Holding below 1.2770 targets 1.2740 of course then 1.2710/00. Below 1.2670 risks a slide to 1.2640/30 & support at 1.2580/70.
Gains are likely to be limited with bears in full control. Minor resistance at 1.2810/20 then a high for the day likely at 1.2870/80 if reached. Shorts need stops above 1.2910.

GBPJPY bottomed exactly at our lower target of 141.10/00 just to top off an excellent short trade. Although severely oversold the outlook remains negative & further losses target 140.40/35.
Below 1.4000 risks a slide to 139.35/25. Gains are likely to be limited while we wait for a buy signal. Minor resistance at 141.70/75 then 142.40/50 more of a challenge. If we unexpectedly continue higher look for a selling opportunity at 142.80/90, with stops above 143.30.

 

AUDUSD & NZDUSD Spot

AUDUSD break below 7308 is actually a medium term sell signal but I had to give it a margin of error, targeting 7260/50, 7210/05 & 7175/70.
Gains are likely to be limited with first resistance at 7315/25. Should be worth trying shorts with stops above 7345. An unexpected break higher meets a selling opportunity at 7385/90.

NZDUSD collapsed as far as the 6580/70 target as predicted. Outlook remains negative as we look for 6550/40 but be aware of severely oversold conditions now. Further losses meet minor support at 6520/15.
Gains are likely to be limited with first resistance at 6620/30. We can at least start to enter shorts here but be ready to add up to 6670/80, with stops above 6700.

 

USDJPY & EURJPY Spot

USDJPY holds below 111.30/20 for a sell signal targeting 110.80 & 110.55/50 (hit at last). We wrote: A good chance we will at least pause here, maybe bounce to the low 111.00's (& guess what...we did it again on Friday!) but eventually further losses target a buying opportunity at 110.00/109.90.
Gains are likely to be limited but try shorts at 111.15/25 (this keeps working!!) with stops above 111.50. A break higher however targets 111.80 & 111.95/99.

EURJPY oversold with key resistance at 126.70/80. If we can stabilise above here the outlook turns positive for this week targeting 127.30/40 then 127.80/90 & perhaps as far as resistance at 128.20/30 for profit taking on any longs.
Below 126.00 starts a new leg lower in the bear trend targeting 125.45/35 & 125.10/00, probably as far as the May low at 124.70/60.